Luxury senior residence for Nishiazabu
Mitsui Fudosan Residential has started construction on a high-rise senior residence building on the site of the former Novartis Headquarters in Nishiazabu, Tokyo. This will be the largest senior residence in Minato ward. Construction began on May 31, 2021 and completion is expected in mid-2024.
Mansion Kyoto Shirokanedai to be redeveloped
A 50-year old apartment building in Tokyo’s Shirokanedai neighborhood will be redeveloped by Hankyu Hanshin Properties. The owners association of the 65-unit building, along with Hankyu, have received an additional floor-area ratio (FAR) allowance from Minato Ward under the condominium redevelopment act.
MLIT proposes guidelines for stigmatized properties
The Ministry of Land, Infrastructure, Transport, and Tourism (MLIT) is seeking feedback from the public on proposed guidelines that will cover how stigmatized properties should be treated in real estate transactions. In other words, under what conditions a real estate agent should be obligated to inform a buyer or tenant of a past death or other unpleasant occurrences in a property.
Quick real estate news summary for the week
29 apartments foreclosed in high-rise tower, Osaka and Tokyo rank high on global livability, and Sapporo to sell Ebisu office building. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Daiwa unveils ultra-luxury home offering
Daiwa House Industry has launched an ultra-luxury home option to their lineup. The Wood Residence MARE is designed by their in-house ZIZAI DesignOffice team.
Imperial Hotel confirms Kyoto project
On May 12, the Imperial Hotel officially released plans for their luxury hotel project in Kyoto’s Gion district. This will be the fourth Imperial Hotel in Japan and the newest in almost three decades. It is also expected to be the most expensive of their hotels, with a level of service matching that of the Imperial Floors in their Tokyo hotel.
Pandemic hasn't slowed luxury hotel projects in Kyoto
Despite tourism being on hold, luxury hotel brands continue to push ahead with developments in the historic city of Kyoto. Various heritage protection bylaws, a planned tax on holiday homes, and even a global pandemic are not enough to slow investor demand from funds and wealthy buyers both domestically and abroad.